Five 15 on the Park

515 15th Ave S , Minneapolis, MN 55454

Waiting List Forecast: Likely Short or None

check_circleVerified for 2023 by Joshua Cappell

Rent	Beds	Baths	SqFt
Call for Rents^†	Studio - 3 Beds	1 - 2 Baths	426 - 1,137 Sq Ft

Call (612) 843-0515 Email

Waitlist Forecast

Since this property is a LIHTC property that might not have a project based rental assistance contract, it is likely that it either has no waiting list or the waiting list is shorter than properties with rental assistance. You should contact the property to verify.

Note: Affordable Housing Online has not confirmed the waiting list status directly with the property. This waiting list status forecast is based on our housing experts' knowledge of similar properties. You should always confirm this status directly with the property.

Five15 offers urban homes of uncompromising quality—and a host of amenities—for a life of comfort, wellness and easy access to the countless dining, recreational, and cultural attractions of the West Bank and Downtown Minneapolis.

Dave's Thoughts On Five 15 on the Park

This LIHTC property is among the most common types of affordable rental housing in the United States. The LIHTC program only provides subsidies to the building’s owner at construction. No subsidies are provided directly to the residents, but the owner must set rents affordable to low-income renters in the area. Our data suggests Five 15 on the Park does not participate in any project-based rent subsidy program. This means you must earn enough to pay the full rent or have your own Section 8 Housing Choice Voucher. For that reason, LIHTC properties tend to have shorter waiting lists or even none at all. LIHTC properties nationwide are required to accept housing vouchers. LIHTC properties were first built in the late 1980's. Because they tend to be newer, these properties are more likely to have larger units, more amenities, and greater tenant service offerings than other affordable housing programs. This property might be right for you if you have a housing voucher or enough income to pay rent, are looking for a high quality property, or need immediate availability. Since this property participates in the LIHTC program, the property is required to accept Section 8 Housing Choice Vouchers. Since the property also utilizes a FHA insured private mortgage, the property is subject to Federal physical condition requirements and REAC inspections. As a LIHTC property that chose the 40/60 election, this property has agreed to set aside at least 40% of its units for families and individuals earning 60% of Area Median Income (AMI). Many properties have actually set aside more units than required by law, and in many cases all of the units at these properties are affordable to renters with lower incomes.

~ Dave Layfield, Founder of Affordable Housing Online

Five 15 on the Park Amenities

Fitness Center
Playground
Business Center
Gazebo
Central Air
Dishwasher
Walk-in Closet(s)
Refrigerator
Oven and Range
Courtyard

Units at Five 15 on the Park

Unit (Bd/Ba)	Ft²	Rent
Studio (Studio/1)	426ft²	Call for Price^†
1 Bedroom (1/1)	676ft²	Call for Price^†
2 Bedroom (2/1)	813ft²	Call for Price^†
2 Bedroom (2/2)	836ft²	Call for Price^†
3 Bedroom (3/2)	1137ft²	Call for Price^†

Income Qualification for Five 15 on the Park

*AMI: Area Median Income. Renters qualify for different housing programs if their income is below a specified percentage of AMI.

AMI*	1 person	2 people	3 people	4 people	5 people	6 people
50% AMI for LIHTC Units	$43,500 / year	$49,700 / year	$55,900 / year	$62,100 / year	$67,100 / year	$72,050 / year
50% AMI for PBRA Units	$43,500 / year	$49,700 / year	$55,900 / year	$62,100 / year	$67,100 / year	$72,050 / year
60% AMI for LIHTC Units	$52,200 / year	$59,640 / year	$67,080 / year	$74,520 / year	$80,520 / year	$86,460 / year

*AMI: Area Median Income. Renters qualify for different housing programs if their income is below a specified percentage of AMI.

FAQs for Five 15 on the Park

Does Five 15 on the Park have a waiting list?

Five 15 on the Park probably doesn't have a waiting list, and, if it does, the wait times are most likely short. We haven't confirmed if this is the case, so you should contact the property to confirm.

Are rents subsidized at Five 15 on the Park ?

We believe rents are most likely NOT subsidized at any of the units at this property since our research has not discovered any public housing or rental assistance contracts associated with this property. This means you will most likely have to pay the full rent no matter your income. Note: In some rare instances, some properties may have a small number of units subsidized through state or private programs.

What property management company manges Five 15 on the Park ?

Five 15 on the Park is managed by Fine Associates LLC headquartered in Minneapolis, MN.

In addition to Five 15 on the Park , how many other affordable housing properties (and units) are there in Minneapolis?

In addition to Five 15 on the Park , we list 365 other affordable properties in Minneapolis. Learn about these properties here. Our data research shows that there are a total of 20859 affordable units in Minneapolis.

When was the Five 15 on the Park listing last updated?

Five 15 on the Park listing on Affordable Housing Online was last updated on 01/09/2023 by Joshua Cappell. Remember, a property's status can change so you should contact the property to confirm.